Medicare open enrollment ends Saturday.
The Centers for Medicare and Medicaid Services is reminding recipients there’s still time to make changes to their plans and capitalize on new cost-saving measures coming to the 2025 coverage period.
“People's health needs can change every year. Their financial needs can change every year. And there are also some very exciting improvements to the Medicare program that we want to make sure everybody is taking advantage of,” said Dr. Meena Seshamani the director of CMS.
Starting in 2025, there will be a limit on what people with Medicare prescription drug coverage pay out of their pocket. Medicare recipients will not have to pay more than $2,000 in a calendar year for covered prescription drugs.
“That's why it is so important that everybody is going and checking and making sure that their prescription drugs are going to be covered next year by their health plan, the drug plan that they are thinking about, and to do so before the deadline (Saturday),” Seshamani said.
There’s also new financial support available for low-income recipients through the expanded “Extra Help program.” Individuals who make less than $23,000 a year, or married couples making less than $31,000 could be eligible for drug cost support. Individuals must also have financial resources that are below $17,500 (money in savings accounts, stocks or bonds).
To qualify, recipients must live in one of the 50 states of the country (or in Washington D.C.), and meet the income threshold.
Recipients need to have Medicare drug coverage to use “Extra Help.” For those
already using Extra Help and meet the qualifications for next year, they’ll automatically be enrolled into the cost savings for 2025.
Visit Medicare.gov or call 24-hour helpline 1-800-MEDICARE (1-800-633-4227) to learn about Medicare drug plans, and lowering prescription drug costs. Recipients could also seek help from a counselor to navigate their options through Florida’s State Health Insurance Program (SHIP), or call 1-800-963-5337.
Copyright 2024 Central Florida Public Media
